Enterprises can gain significant long-term benefits by applying predictive analytics to their operational and historical data. The technology can help companies quickly identify and respond to new opportunities.

An analysis of Reuters shows economists were too optimistic about major monthly indicators in the United States, euro zone and Britain – a list that includes industrial output, jobs, business and consumer sentiment data, and purchasing managers’ indexes.

Next month the federal government will start to ramp up its campaign against Medicare fraud with technology aimed at uncovering bad claims before they are paid. The approach will use risk-scoring tools to analyze claims as they come in.

Any good business will have a system of sales forecasting as part of its critical management strategy. But most sales forecasts are, by nature, inexact. The trick, experts say, is to know in which direction they’re wrong, and turn that into a picture of how your business is doing.

Unfortunately for the Bank of England, although its historic record here has been good, forecasts in recent years have been shown to display a steady underestimation of inflation, according to a recent study of the Centre for Policy Studies. Some say it’s ‘wishful thinking’.

World-class companies can’t afford to make big forecasting errors. They create a culture of measurement in which sales and marketing managers work in synch to achieve their goals. Forecasting helps to respond faster to the market.

Atlanta-based home improvement company Home Depot found a surprisingly accurate predictor of growth for the company in the form of an esoteric housing measure that combines new construction, broker commissions, improvements and several other indicators.

The Bank of England's core forecasting model is to be revamped by the year-end but those hoping for a fundamental change of approach will be disappointed. It will be more a technical upgrade than an admission that their model was lacking.

The Bank of England's core forecasting model to be revamped by the year-end but those hoping for a fundamental change of approach will be disappointed. It will be more a technical upgrade than an admission that their model was lacking.